Is Your Corporate Armor Strong Enough?

Here’s the truth – While corporate medical insurance offers a basic line of defence, it might still leave you vulnerable in some areas.

Let us understand the limitations as well as the positives of Corporate medical insurance first.

Good Aspects of Corporate Medical Insurance:

• Basic Defence: Corporate medical insurance acts as a first line of defence, covering hospitalization costs, diagnostics, and other medical expenses.
• Convenience and Group Rates: It’s often automatically offered by your employer, and the company might secure a better premium due to group negotiation. Often times, the premium is paid by the employer.
• Safety Net: It provides peace of mind, knowing you have some medical coverage in case of emergencies.
• Family Coverage: A corporate medical insurance provides a shield for your dependents irrespective of age and existing illness.
• Limitations of Corporate Medical Insurance:
• Limited Coverage: The coverage amount may be based on eligibility as per the position of the employee and may not always be sufficient cover for the family.
• Predefined Limits: There might be sub-limits on hospitalization costs, room rent, or specific procedures.
• Job Dependent: Coverage terminates upon leaving the company, leaving you vulnerable during job transitions.
• Post-Retirement Peril: Most Corporate medical insurances terminate on super annuation. Sometime they can be continued as a personal plan. This is a major vulnerability for someone who does not have another insurance to fall back.

Here is why additional personal medical insurance might cover the chinks in the armour –

Why Additional Medical Insurance is Crucial:

• Tailored Protection: Unlike a pre-made suit of armour, additional insurance lets you customize coverage for critical illnesses, disability, or lost income. Think of it as custom-forged armour for your specific needs
• Enhanced Coverage: Supplement the corporate plan’s limitations with additional financial security.
• Peace of Mind: While there is a cost attached to this, it may prove to be an invaluable security net in times of medical emergencies.
• Family Safeguard: Extend protection to your loved ones, ensuring their medical needs are covered. Supplemental insurance can provide added protection for your loved ones, ensuring their well-being is sufficiently safeguarded.
• Portable Protection: Unlike a corporate shield you leave behind after changing jobs, additional insurance is often portable. Your armour stays with you, no matter the battlefield.

In the end, it’s about feeling secure.  Additional medical insurance is the essential protection one needs to ensure that any medical emergency will not eat into their finances.

Invest in additional medical insurance to ensure robust protection!